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Amazon (AMZN) Adds New Blink Camera to Its Devices Portfolio

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Amazon (AMZN - Free Report) launched Blink Outdoor 4 to expand its smart camera offerings.

The new model brings updates such as night-vision upgrade, enhanced image quality and low-light sensitivity, and improved motion detection, all while maintaining its two-year battery life.

Also, the camera is backed by Blink's proprietary silicon technology and features on-device computer vision, which allows customers to customize motion notifications to reduce unwanted alerts.

Moreover, its compact, weather-resistant and wire-free design allows easy installation anywhere.

The camera is priced at $119.99 for a one-camera system with a Sync Module 2.

We note that the latest move has added strength to Amazon’s smart home devices portfolio.

Expanding Smart Home Devices Portfolio

Apart from the latest launch, Amazon recently expanded its Fire TV lineup with the introduction of three new sizes of its Omni QLED series and the launch of the Fire TV 2-Series.

Moreover, it expanded its reach outside domestic borders by launching Amazon-built TVs across the U.K., Germany and Mexico for the first time.

Further, Amazon added four all-new Echo devices, namely Echo Pop, Show 5, Show 5 Kids and Echo Buds, to bolster its Echo lineup. These launches give customers more choices in how they access Alexa.

Additionally, Amazon has made its product Echo Auto accessible to customers in eight additional countries including Australia, Canada, France, Germany, Italy, Japan, Spain and the U.K.

Growth Prospects

All the abovementioned endeavors bode well for the company’s growing efforts toward strengthening its footprint in the global smart home devices market, as well as in the smart home market.

Per a Future Market Insights report, the global smart home device market share is expected to grow at a CAGR of 17.8% during the forecast period of 2023-2033, indicating revenue growth of $300 billion by 2033.

According to a report from Fortune Business Insights, the global smart home market size is expected to hit $93.98 billion in 2023 and reach $338.28 billion by 2030, exhibiting a CAGR of 20.1% during the 2023-2030 period.

We believe Amazon’s growing prospects in these promising markets will likely aid its overall financial performance. This, in turn, is expected to instill investor optimism in the stock.

For third-quarter 2023, Amazon expects net sales between $138 billion and $143 billion. Net sales are expected to grow 9-13% from the year-ago quarter’s reported figure. The Zacks Consensus Estimate for net sales is pegged at $141.9 billion, suggesting year-over-year growth of 11.6%.

Notably, Amazon’s shares have returned 58.5% in the year-to-date period compared with the industry’s growth of 36.3%.

Zacks Rank & Other Key Picks

Currently, Amazon sports a Zacks Rank #1 (Strong Buy).

Investors interested in the broader retail-wholesale sector can consider some other top-ranked stocks like BJ’s Restaurants (BJRI - Free Report) , Domino’s Pizza (DPZ - Free Report) and Darden Restaurants (DRI - Free Report) . While BJRI currently sports a Zacks Rank #1, DPZ and DRI carry a Zacks Rank #2 (buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

BJ’s Restaurants has gained 11.9% in the year-to-date period. The long-term earnings growth rate for BJRI is currently estimated at 15%.

Domino’s Pizza shares have gained 12.1% in the year-to-date period. DPZ’s long-term earnings growth rate is currently projected at 12.97%.

Darden Restaurants has gained 12.2% in the year-to-date period. The long-term earnings growth rate for DRI is currently anticipated at 10.4%.

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